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Chinese stocks higher as banks advance

Friday, November 02 07:22:14

China shares closed higher today, posting their best week in a month, helped by strength in Chinese banks after official media reported that the central bank will reduce reserve ratios for smaller banks if they meet loan-growth requirements.

The CSI300 Index of the top Shanghai and Shenzhen listings closed at 2,306.8 points, up 0.4 percent on the day and up 2.6 percent for the week. The Shanghai Composite Index gained 0.6 percent on Friday and 2.5 percent this week. For both indices, it was their best weekly showing since the week ending Sept. 30. ( C) Reuters

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